Community assets Community Right to Bid

The Community Right to Bid ('the Right'), also known as Assets of Community Value, is one of the Rights introduced in the Localism Act 2012 and Assets of Community Value Regulations (2012).

The aim of the Right is to help protect valuable local assets eg land and buildings by enabling local communities to nominate them to the council, and if successful, for them to be listed as an Asset of Community Value.

When listed assets come up for sale, there is a requirement for the owner to notify the council and for a moratorium period to then come into effect. This allows community groups the time to develop a bid and raise any money need to buy the asset when it comes on the open market.
The Right does not restrict in anyway who the owner of the asset can sell their property to, or at what price, and it does not confer a right of first refusal to community interest groups. More information can be found below.